Co-Living, NYC’s Price for Success
New York City has become unaffordable for a majority of Americans. Touted as the most expensive city in the United States, it has created a need for developers and citizens to get creative with living situations. New York is not like most other American cities. A $3,000 a month 2-bedroom apartment with 1500 sq ft in Houston may seem overpriced to the locals there, but in Manhattan and its surrounding neighborhoods, that would be considered a unicorn. In the city that never sleeps, there’s no shortage of people trying to find a place to lay their head. In recent years, many citizens have turned to tiny co-living spaces. For many New Yorkers, this is a way to build community and live in a way that allows them to live close to the heart of the city, without having to sell their kidney to afford it. However, many are voicing their concerns.
Crown 120 is an example of a co-living space. A co-living space is a type of housing that is similar to a college dorm room. Renters get a bedroom and share amenities with others like them in spaces such as common rooms and kitchens. In the case of Crown 120, you can rent a 74 sq ft room for as little as $1,847 a month with utilities. To many, $1,847 may seem steep for such a small room and the need to share everything outside of it. But, when a renter can expect to pay close to $3,000 for a 1-bedroom in that same area, $1,847 doesn't seem so bad. Cohab, the development firm that owns Crown 120, believes that the real allure is the community that is built between the renters. The target for these co-living spaces is Gen Z and younger Millennials, most likely ones that are new to the city, starting their careers, and want a way to meet new people in their new environment. Because of this, they offer leases that are much more flexible than traditional rentals. To many, this is a great way to start a life and a career in the heart of America’s financial capital. To many locals, this is a sign of the changing times.
Gentrification is the talk of the town in many NYC neighborhoods, with luxury housing developments creeping from Manhattan to the outer boroughs. Many see these co-living spaces as just another way of pushing out the cultural identity of these neighborhoods. Crown 120, for example, was built from a converted jazz club formerly known as the Kingston Lounge. For the longtime residents of Crown Heights, it was just another reminder that the neighborhood they were so accustomed to was changing before their eyes. This is a very tangible reminder that bringing in the new erases the old. Ironically, Cohab markets the rentals with the idea of an ‘Authentic Brooklyn experience’. At the same time, they take away what made Brooklyn what it was.
These new coliving spaces, as well as the multitude of new luxury apartment developments popping up in the many neighborhoods surrounding Manhattan, are a byproduct of NYC’s success. In a city froth with opportunity, we can expect developers to try to capitalize on the wave of potentially high-earning young people moving to the city, but with its own costs. Crown 120 is just one example of how a city’s success and wealth can alter its face for those who have been there for decades.
